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URETHANE TECHNOLOGIES INC. ANNOUNCES ACQUISITION OF CAROUSEL GROUP

 URETHANE TECHNOLOGIES INC. ANNOUNCES ACQUISITION OF CAROUSEL GROUP
 IRVINE, Calif., Jan. 24 /PRNewswire/ -- Urethane Technologies Inc. announced today the acquisition of Carousel Group Inc. through an exchange of securities. Carousel is the managing general partner of Sole Associates J.V., a joint venture with Millfeld Trading Co. Inc. Millfeld is an importer and marketer of various lines of workboots, athletic shoes, dress shoes and casual shoes. Sole Associates was formed in September 1991 with $1 million in assets to manufacture polyurethane outsoles and midsoles, initially for Millfeld's various lines of footwear, through Urethane Technologies' patented manufacturing process and proprietary chemical compounds.
 The assets of Carousel consist of approximately $500,000 in cash and a 50 percent income interest in Sole Associates. The selling shareholders of Carousel are Terren S. Peizer and Kenneth F. Siebel Jr. Peizer is also the chairman of both Urethane Technologies and Millfeld. Siebel is the chairman and chief executive officer of Wood Island Associates Inc., a California-based investment advisory firm. As a result of the securities exchange, Siebel acquired a 11.4 percent ownership position in Urethane Technologies and Peizer's position increased from 50.7 percent to 58.1 percent.
 -0- 1/24/92
 /CONTACT: James B. Frakes, COO of Urethane Technologies Inc., 714-837-0800/ CO: Urethane Technologies Inc.; Carousel Group Inc.; Sole Associates
 J .V.; Millfeld Trading Co. ST: California IN: SU: TNM


KJ-AL -- LA036 -- 3434 01/24/92 19:02 EST
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Publication:PR Newswire
Date:Jan 24, 1992
Words:236
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